LUBBOCK REALTOR® October 8, 2013 Phone (806) 795-9533 Fax (806) 791-6529 5015 Knoxville Avenue, Lubbock Texas 79413-4039 2013 Board Officers Coby Crump, President Nancy Rawls, President Elect Rusty DeLoach, Treasurer Charles Kearney, Secretary Debora Perez-Ruiz, Chairman of the Board
SEPTEMBER MONTHLY MARKET COMPARISON Categories
Sept 2012
Sept 2013
Percent Change
Total Residential Property Sales
256
392
53.1%
Total Residential Dollar Volume
$38,566,793
$51,199,812
32.8%
Average Single-Family Sales Price
$150,652
$163,057
8.2%
DIRECTORS Cynthia Arriaga, 2013—2014
Median Single-Family Sales Price
$120,000
$132,250
10.2%
Jef Conn, 2013—2014
Total Active Residential Listings
1,590
1,242
-21.9%
Mary Ann Grafft, 2012—2013
Total Pending Residential Sales
325
198
-39.1%
Frank Harmon, 2013—2014
Months Inventory*
6
3.8
-36.7%
Jacky Howard, 2013—2014
*Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity.
Tara Newton, 2012—2013
Year-to-Date Comparison
Gary Owen, 2012—2013 Jeff Sellers, 2012—2013 Susan Shakespeare, 2012—2013
Categories
Jan-Sept 2012
Jan-Sept 2013
Percent Change
Scott Toman, 2012—2013
Total Residential Property Sales
2,670
3,234
21.1%
Dan Williams, 2013—2014
Total Residential Dollar Volume
$393,300,376
$507,807,019
29.1%
Jana Wuthrich, 2013—2014
Average Single-Family Sales Price
$147,304
$154,678
5%
EX OFFICIO DIRECTORS Cheryl Isaacs, 2011-2013 TAR
Median Single-Family Sales Price
$119,625
$125,000
4.5%
Director John Walton, TAR Director Lifetime
Notice on this information: Multiple Listing Service data is reported to the Real Estate Center at Texas A & M and the National Association of REALTORS® on the eighth of each month. Year‐to‐date data may be corrected for information reported after the eighth. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all activity in the real estate market.
Lubbock REALTORS® Provide Children in Need to Walk With Pride Insecurity abounds the first few weeks back to school for any child – but for those without, that insecurity can often leave scars for a lifetime. Enter The Lubbock Association of REALTORS® Walk With Pride campaign which works to give local children a reason to smile as they start back to school with a new pair of shoes. LAR members spent Sept. 9—11 fitting children for shoes free of charge at the Quaker and S. Loop and 4th and Frankford Payless Shoesource locations. Each year, the LAR budgets ten thousand dollars for the campaign to help the families in need with new athletic shoes for the school year. This year, over five-hundred pairs of shoes and socks were distributed. “This is a great opportunity for us to give back to the community, and it was great to see fellow Lubbock REALTORS® come out and help fit children with shoes and see the smile on the kid's faces,” said Melissa Smith, this year’s chair of the Walk With Pride Task Force. LAR members show their support by volunteering their time to help fit children for shoes and pass out socks. Walk With Pride also is generously supported by staff from the South Plains Food Bank who locates families in need and distributes vouchers Page 1
for both shoes and socks.
MEMBER NEWS
“In addition to the tremendous support of the South Plains Food Bank, we greatly appreciate Payless Shoesource,” Smith said. “Payless Shoesource is who truly makes the event possible.”
REALTOR® Applications Salespersons
United Way Campaign Hits New Milestone The association raised a record high for contributions this year, raising over $32,000. This represents a fourteenpercent increase from 2012. The LAR started the fundraising campaign early this year as part of the United Way Jumpstart period. As an incentive to give, the LAR entered any member that donated into a drawing for cash prizes and an iPad. The winners were announced at the Sept. 19th member luncheon. iPad: Dwayne Mauldin $500: Lori Manning $250: Jim Rosson $250: Cliff Watt $100: Oscar Armendariz $100: John Bost $100: Christine Nelson
Total Members 828 (↑ 9.8% YTD) 173 Companies │ 651 Salespersons
Casey Klingensmith
Keller Williams Realty
Larry Childers
RE/MAX Lubbock
Courtney Allen
The WestMark Companies
REALTORS® on the Move Cita Aguas
Keller Williams Realty to Kearney & Associates, REALTORS®
SuzAnne Scott
Real Living Greg Garrett, REALTORS® to Keller Williams Realty
The chair of the United Way Committee was Debora Perez-Ruiz and the co-chair was Kalah Sprabeary. This could not have been accomplished without the hard work and dedication of the committee members: Beth Brinson
Gayle Ninemire
David Sewell
Lisa Carswell
Gary Owen
Shari Straley
Dana Craig
Kendra Rieff
TJ Tuttle
Coby Crump
Morgan Olivier
Dick Van Hoose
Tony Lloyd
SuzAnne Scott
Vendor Fair—October 17th at Scottish Rite Time: 11:00 a.m.—1:00 p.m. Cost: Free The Vendor Fair is your opportunity to connect with over 40 vendors that you need to help you in your business. Handymen, heating and air-conditioning, moving and storage, insurance, carpet cleaning and more will all be there offering great door prizes. PrimeWest Mortgage will be providing free hamburgers that day as well. Please RSVP to Holly McBroom at the LAR, 795-9533 or hollymcbroom@lubbockrealtors.com. Have a Vendor? If you know someone that would benefit from being featured in the Vendor Fair, you can find the registration form in Navica under “Resources” and the ‘Documents’ link.
Proposition 6 Means Water For Texas Water is always at the front of Texans minds. The 2012 Texas State Water Plan stated a serious prognosis: With the serious drought conditions, Texas does not and will not have enough water to meet the needs of its people, its businesses, and its agricultural enterprises. Although the legislature has appropriated funds for various programs and one-time expenses in the past, a dedicated funding plan has never been formed. On November 5, you’ll have the opportunity to make sure Texas has reliable access to affordable water in the future. The wording for Proposition 6 is as follows: The constitutional amendment providing for the creation of the State Water Implementation Fund for Texas and the State Water Implementation Revenue Fund for Texas to assist in the financing of priority projects in the state water plan to ensure the availability of adequate water resources. The availability of water supports the economic growth and settlement patterns for Texas. If Texas can’t secure clean, reliable Page 2
water supplies to meet the demands of its growing population, the population will diminish, taking the vitality of the real estate industry with it. Businesses will also relocate, and Texas will not be considered a viable option for investment or expansion. The TWDB estimates that present-day annual economic losses from not meeting water-supply needs could result in a reduction in income of approximately $11.9 billion annually if drought conditions approach the drought of record, and as much as $115.7 billion annually by 2060, with over a million lost jobs. The Texas Association of REALTORS® supports funding the state water plan—a nationally acclaimed document that implements conservation and infrastructure improvements, while balancing public need with private-property rights. Here are some ways you can help: Vote for Proposition 6 on Nov. 5 Sign up for the Legislative Liaison to stay up to date on legislative and regulatory issues that affect the way you do business Reply timely to legislative calls for action Invest in TREPAC to help elect officials who promote REALTOR® positions and the real estate industry
Property Management Class Security Devices Date: Wed, October 23 Location: LAR Office Time: 10—11:00 AM Cost: Free This one hour class will provide information on security devices required in rental properties, focusing on the numerous provisions in the Texas Property Code. This session is open to all levels of experience and one (1) hour of MCE credit will be given for attending at the LAR office. There is no need to preregister, but no credit can be given to late arrivals. There will also be a luncheon after the webinar where you can discuss property management issues with agents that manage properties for a living.
Commercial Class Save Your Investor Clients Tax Dollars With a 1031 Tax Deferred Exchange Date: Thurs, October 24 Location: LAR Office Time: 10—11:00 AM Cost: Free
New Features Available in Digital Ink Signature Preview: You can now preview a sample signature before sending to signers. The signature or initial fields can be toggled to display the signatures as they will appear once signed. The preview icon above the signature field, located to the left of the “Add Date” button, allows the user to enable or disable this option. PDF Delivery Format Update: Recipients on the CC list will now receive completed documents as individual PDFs. With an updated simple delivery format, display signed documents are now optimized for mobile email delivery while maintaining the integrity and validity of the digital signatures. Automatic date fields: Date fields are now automatically added alongside signatures when dragged-and-dropped onto a document in the document wizard. Dates can be easily deleted if necessary by clicking the "X" above the date or the calendar icon above the signature. Training is Available: Learn to send and view electronic signatures using Digital Ink in the free live training "zipForm Plus Digital Signatures - Using zipLogix Digital Ink with zipForm Plus." Visit zipLogix.com to register for any of the next three sessions: Friday, Oct. 11, 3-4 p.m. CDT Thursday, Oct. 17, 3-4 p.m. CDT Thursday, Oct. 24, 3-4 p.m. CDT
Get the Deductions You Deserve With a New Member Benefit If you don’t have a system in place to track your work-related expenses, you could be missing out on thousands of dollars in tax deductions. TaxBot is a new member benefit for Texas that provides a mobile and web application that tracks your expenses and turns them into deductions using features such as: IRS-compliant expense tracking GPS mileage tracking Secure cloud storage Bank-account integration As a member, you’ll pay only $9.99 per month for TaxBot—a 50% savings off the regular monthly price. Log-in to TexasRealtors.com to sign up for a 14-day trial.
The sale of investment property can create large tax consequences for the investor. Under the American Taxpayer Relief Act of 2012, investors now face an overall tax rate as high as 23.8% upon the disposal of investment property. Internal Revenue Code Section 1031, a provision that has been in the tax code since 1921, can provide tax relief. Investors can postpone or sometimes even avoid those taxes. This course will teach you the basic rules of a 1031 exchange, and you will also learn to recognize when an exchange could benefit your clients. Attendees will earn one (1) hour of MCE credit, and there is no need to preregister. No credit can be given to late arrivals. Page 3
The Lubbock Association of REALTORS® Presents 5015 Knoxville Ave, Lubbock, TX 79413
1. Investment Real Estate Fundamentals: Level 1 – November 6th 2. Investment Real Estate Fundamentals: Level 2 – November 7th 3. Legal and Ethics Update – November 8th th
1. Investment Real Estate Fundamentals: Level 1 Topics (November 6 ) #06-00-075-25889
6 hours MCE credit, 9:00 AM – 4:00 PM
Overview of investment real estate Components of cash flow Basic financial analysis (Cap rate, Cap value, cash-on-cash) Debt and debt-service calculations Discounted cash flow analysis: IRR (basic) Case study th
2. Investment Real Estate Fundamentals: Level 2 Topics (November 7 ) #06-00-075-26047
6 hours MCE credit, 9:00 AM – 4:00 PM
Compounding, discounting, and determining discount rate IRR and NPV (Net Present Value) Calculation and use as a negotiating tool Market and Property Analysis Case Study 1: Retail, Case Study 2: Multi-family th
3. Legal Update (November 8 ) #03-03-123-23555, 9:00 AM – 12:00 PM
Ethics Update (November 8th) #03-03-123-23556, 1:00 PM – 4:00 PM 3 hours MCE credit each
TREC Required Courses to meet 6 Legal Hours requirement for MCE license renewal.
Registration: Please fill out and mail, email or fax to the LAR: Fax # 806-791-6429 Email: hollymcbroom@lubbockrealtors.com
Name: __________________________
TREC License #: ____________
Phone: ___________________; Email: ____________________________ Cash Visa MC Amex Disc Payment: Check Card #: _______________________________________
Exp: ____ /____
Check all courses you will attend: Investment Real Estate Fundamentals: Level 1:
$70
Investment Real Estate Fundamentals: Level 2:
$70
Legal Update MCE:
$30
Ethics Update MCE:
$30
ALL COURSES:
$150 ($50 savings!)
Signature: ________________________________ For information email Cliff Bogart at: cliff@vanguardcres.com or call 972-220-0144 Provider: Vanguard Commercial Group, Inc. - #0287
Clifford J. Bogart CCIM Founder / President The Vanguard Commercial Group, Inc. Cliff Bogart CCIM is a twenty-eight year veteran of the Houston, Dallas, and Austin commercial real estate markets. He began his real estate career in 1979 with The Vantage Companies in Houston, leasing both office and warehouse properties. In 1982 he joined Coldwell Banker Commercial (now CB Richard Ellis) as a broker engaging in tenant and landlord representation as well as general commercial brokerage. Between 1982 and 1986, a difficult time for office leasing in Houston, Cliff marketed and leased over one million square feet of office buildings. In 1986 Coldwell Banker relocated Cliff to Dallas as Leasing Director of the 800,000 square-foot Xerox Centre in Las Colinas. He then transferred to the Homart Development division where he was also made responsible for marketing and leasing the 600,000 square foot Phoenix Tower in Houston, as well as training company personnel in leasing skills. Following the sale of Homart in 1995, Cliff formed The Vanguard Commercial Group, Inc., a commercial real estate brokerage firm focusing and all aspects of leasing, Investor/Buyer representation, and consulting. Between 2002 and 2004 Cliff partnered with Scribcor Texas, LLC to pursue and successfully secured a contract as the first tenant representative for the entire State of Texas lease portfolio of approximately 1,200 leases encompassing over 11,000,000 square feet. Throughout his career Cliff has been directly responsible for marketing and leasing over 6 million square feet of commercial space from the Landlord, Tenant, Buyer/Investor, and Seller perspectives. In doing so he has also overseen the planning and construction process for a significant proportion of that portfolio. Cliff’s is a real estate instructor teaching various Texas Real Estate Commission (TREC) Continuing Education approved Commercial Real Estate classes that he has written plus standard TREC Legal Update and Ethics courses. Cliff is also an Instructor for the CCIM Institute teaching CI 101, Financial Analysis of Investment Real Estate, CI 103, User Decision Analysis, and CI Intro. Cliff is a 1976 graduate of Michigan State University with a BA in Business. He received his CCIM designation in 1995. He has been married to his wife Cheryl since 1978 and they have four children.